date: 12 July 2012
embargo: For immediate release
Responding to the Office for Budget Responsibility's (OBR) latest report on the long-term sustainability of the UK's public finances over the next 50 years published today (Thursday), TUC General Secretary Brendan Barber said:
'As the OBR acknowledges these forecasts are highly uncertain - who could have predicted our current economic mess back in 1962? While the UK economy will face real challenges over the years ahead, the OBR's analysis also shows that higher productivity, higher employment rates and progressive taxation could allow us to meet them.
'We know that austerity is already failing, with falling taxes and rising social security costs leaving the government's borrowing targets in tatters. The last thing our economy needs is years more of the same failing medicine. A strong recovery, driven by investment in new infrastructure, industries and decent job creation, is the best basis for securing sustainable public finances.'
NOTES TO EDITORS:
- The latest OBR fiscal sustainability report is available at http://cdn.budgetresponsibility.independent.gov.uk/FSR2012WEB.pdf
- All TUC press releases can be found at www.tuc.org.uk
- Follow the TUC on Twitter: @tucnews
- Congress 2012 will be held at the Brighton Centre from Sunday 9 September to Wednesday 12 September. Free media passes can be obtained by visiting www.tuc.org.uk/mediacredentials and completing an online form. Applications must be in by noon on Wednesday 29 August. Any received later than that will be processed in Brighton and will cost £50. Please note that the Brighton Centre requires 60 days' notice for telephone line facilities. Details available on the link above.
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